Sen. Nate Blouin wants to raise income taxes on Utahns, but only those with incomes of $1 million or more.
Instead of paying the current 4.55% rate, Blouin's SB244 would raise taxes on wealthier Utahns to 5.55%. The $1 million threshold would be adjusted up or down for inflation every year.
The Republican-controlled legislature has been on a tax-cutting spree in recent years, slashing income taxes by nearly $1 billion. Most of those cuts have benefitted Utahns at the upper end of the income scale, while poorer taxpayers only received a cut of a few hundred dollars.
Don't expect Blouin's bill to go anywhere this session. Republican leaders have already set aside $160 million for another round of tax cuts.
